A Delhi-based realtor, Amit Sarin, has told the CBI that his company, Anantraj Builders, was used to rout Rs 100 crore of Reliance ADAG to Swan Telecom to make the latter eligible to apply for 2G spectrum licence.
In his statement, recorded under Section 161 of the CrPC, Sarin said the transactions were done at the request of an employee of Reliance Mutual Fund. The statement is part of the CBI’s chargesheet filed in the court of special judge OP Saini on April 2. Such a statement is not admissible as evidence in court, unless its maker affirms it on oath in court during trial.
Anantraj Builders has several subsidiaries — Anantraj Industries, Oriental Builtech and Anantraj Agencies — and the money was routed through them. “The R100 crore received from Sonata Investments (an ADAG company) in the accounts of Oriental Builtech on March 2, 2007 was transferred to the accounts of Anantraj Agencies,” Sarin told the CBI.
“Further, this sum was transferred to Giraffe Consultancy.”
Giraffe was an ADAG-promoted firm and owned a majority stake in Swan Telecom through Tiger Trustees, a subsidiary. When contacted, an ADAG spokesperson said: "No comments."
Sarin admitted that debit and credit vouchers were prepared for the transaction but denied the amount was an advance from Sonata against a property, as reflected in the vouchers.
"No such property deal either with Sonata or Giraffe took place. Further, no agreement in this regard was made," he told the CBI.
He added that an amount of R100 crore was transferred back to Sonata Investment via the same route. Sarin's statement corroborates the agency's charge that ADAG allegedly used the builder's companies to route money to Shahid Balwa-promoted Swan.
Reliance ADAG and Anantraj Builders are 50% partners in a joint venture called Roseland Buildtech, which has bought two plots in Delhi for the hospitality business.
Anantraj Builders has also availed a loan of R500 crore from ADAG in two installments of R250 crore each since 2006.